admin The Elon Musk led company Tesla zoomed past the $500 billion mark and the stock of Tesla finished up to a whopping 6.4%, in other words it went to about $32 billion in a time span of 24 hours.
This rise is phenomenal for Tesla as it is about 560% since the beginning of the year. On the other hand, Elon Musk who holds 18 percent of this company earned a total of $100 billion dollars in this period.
This rise is mainly the result of enthusiastic investors who at the present moment see an immense potential in the electric car market. They believe that electric cars will be the future and they are here to stay.
The share prices of Tesla have also seen a phenomenal increase as a result of the U.S presidential elections which saw Joe Biden securing victory.
Joe Biden in his electoral mandate had promised to give a boost and head start to the development of electrical cars in the United States.
Another big achievement of Tesla in this year only has been that it will be added in the S&P 500 Index on the 21st of December. This addition has increased the momentum and motivation amongst the Tesla employees.
The value of the company has soared new heights which also means that now it will become much easier for Tesla to borrow or raise money in comparison to all its competitors in the market.
This becomes a very important feat for the company as it is in its expanding phase by adding new factories as and when it can. It also has a goal of increasing annual auto volume by 40% in the next decade that is from a total of 500,000 units in the year 2020 and to about 20 million in the year 2030.
With this, Elon Musk has now become the second richest person in the world and he has overtaken Bill Gates, the founder of Microsoft in this race. Jeff Bezos, the boss of Amazon though still holds the top rank.
Magazine 
